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Obama to propose electric vehicle rebate plan

Asked how soon the program could get off the ground, Energy Department assistant secretary David Sandalow said the proposal is subject to Congressional approval.

“We’re going to need people from all parts of the spectrum to come together here and I think we can do it,” he told reporters Tuesday.

Here are the details of the proposal, via a statement from the Department of Energy:

* "Make electric vehicles more affordable with a rebate up to $7,500: The President is proposing to transform the existing $7,500 tax credit for electric vehicles into a rebate that will be available to consumers immediately at the point of sale, instead of having to wait for tax returns to be filed."

* "Reward communities that invest in electric vehicle infrastructure through competitive grants: To provide an incentive for communities to invest in EV infrastructure and remove regulatory barriers, the President is proposing a new initiative that will provide grants to up to 30 communities that are prioritizing advanced technology vehicle deployment."